We at The Economic Times are organizing the Digital Transformation BFSI Virtual Summit. This summit is centered around the various innovations and disruptions in the BFSI umbrella. The daylong summit is designed and crafted to bring the innovation and banking leaders under one platform to discuss and deliberate the future amidst the current challenges and pressing issues of all time. With an eclectic mix of panel discussions, keynotes, fire-side chats, case studies, and felicitations this summit will predominantly answer how innovations across financial institutions will be the primary tool to achieve sustainable growth in the world’s second-fastest-growing economy.
WHAT TO EXPECT FROM THE VIRTUAL SUMMIT?
A world-class platform, one-to-one meetings with solution providers, and the opportunity to network with your peers will arm you with the information you need. The summit will discuss key challenges being faced, advancement in the sector, and the opportunities. The Summit promises to bring to you unmatched learning experience by delivering
(Source – IBEF)
The worth of banking industry in India has been estimated at Rs.81 trillion that is US$ 1.31 trillion. Soon, it is expected that this industry will show a significant growth. According to the experts, Indian Banking Industry has potential to become the fifth largest banking industry in the world soon.
The country’s financial services sector consists of capital markets, insurance sector and non-banking financial companies (NBFCs). India’s gross national savings (GDS) as a percentage of Gross Domestic Product (GDP) stood at 30.50 per cent in 2019. In FY19, total amount of Initial Public Offerings (IPO) raised stood at Rs 19,900 crore (US$ 2.85 billion). The number of Ultra High Net Worth Individual (UHNWI) is estimated to increase to 10,354 in 2024 from 5,986 in 2019.
India has scored a perfect 10 in protecting shareholders’ rights on the back of reforms implemented by Securities and Exchange Board of India (SEBI) in the World Bank’s Ease of Doing Business 2020 report.
The asset management industry in India is among the fastest growing in the world. In March 2019, corporate investors Assets Under Management (AUM) stood at Rs 9.55 lakh crore (US$ 136.59 billion), while HNWIs and retail investors reached Rs 7.52 lakh crore (US$ 107.55 billion) and Rs 6.30 lakh crore (US$ 90.12 billion), respectively. In the Asia-Pacific region, India is among the top
The government of India has taken various steps to deepen reforms in the capital market, including simplification of the IPO process, which allows qualified foreign investors (QFIs) to access the Indian bond market. In 2019, investment in Indian equities by foreign portfolio investors (FPI) touched five-year high of Rs 101,122 crore (US$ 14.47 billion). Investment by FPIs in the Indian capital market reached a net Rs 12.46 trillion (US$ 178.28 billion) between FY02-FY20 (till March 2020).
The government has also approved 100 per cent FDI for insurance intermediaries. The insurance sector could be opened to 74 per cent FDI from the existing 49 per cent.